LED technologist BridgeLux closes on $40 million

BridgeLux, a maker of technology to produce energy-efficient light-emitting diode (LED) lights, said Tuesday that it raised $40 million in a fourth round of funding, which includes a $10 million line of credit.

The Sunnyvale, Calif.-based company, formerly called eLite Optoelectronics, plans to use the money for market research and development. As part of the investment, Jim Diller of VentureTech Alliance will join the company's board of directors. In August, the 6-year-old company brought in $23 million from a round of investors; and in 2006, it raised $8.5 million.